LIMA, Jul 13, 2019, ANDINA. Ecuador is a Latin American country, and its inclusion as a full member of the Pacific Alliance represents a great market opportunity, as 17 million people would be added into the bloc, Lima Chamber of Commerce (CCL) affirmed Friday, reported the ANDINA.
During the AP Business Summit —held on July 4-5 in Lima— the high representatives of countries —Peru, Mexico, Colombia, and Chile— approved Ecuador’s request to become an associated state, with the purpose of becoming a full member in the future.
“Ecuador shares culture and similar characteristics with the four markets that are part of the Alliance,” (CCL) Foreign Trade Research and Development Institute (Idexcam) Executive-Director Carlos Posada expressed.
In this sense, the former Deputy Trade Minister mentioned the Ecuadorian population prioritizes the savings factor when making purchase-related decisions.
“The Ecuadorian population would have a greater supply provided by the four countries, and at the same time, Peru would benefit from Ecuadorian products, but with updated trade rules between both nations,” he added.
On the other hand, Posada revealed that Ecuadorian imports represented 17% of the total in 2018, and registered a 17% year-on-year growth between 2016 and 2018.
The Pacific Alliance —created in 2011— is an integration initiative focused on reducing trade barriers, as well as fostering the free circulation of goods, services, capitals, and people across its territories.
The bloc relies on observer countries and represents the eighth-largest economy in the world.
Nowadays, it has become the axis of a new way of doing business in the continent.
On an annual basis, the Pacific Alliance rotates the pro-tempore presidency among its members.
Peru handed over the presidency to Chile at the recent summit held in Lima.